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HomeMy WebLinkAbout7462RESOLUTION NO. 7462 A RESOLUTION ASSIGNING AND TRANSFERRING TO THE COUNTY OF BOULDER, COLORADO, THE CITY OF PUEBLO, COLORADO 1994 ALLOCATION FROM THE STATE CEILING FOR PRIVATE ACTIVITY BONDS TO FINANCE MORTGAGE LOANS TO PROVIDE MORE ADEQUATE RESIDENTIAL HOUSING FACILITIES FOR LOW AND MIDDLE INCOME FAMILIES AND PERSONS WITHIN THE COUNTY OF BOULDER, COLORADO, WITHIN THE CITY OF PUEBLO, COLORADO, AND ELSEWHERE IN THE STATE OF COLORADO WHEREAS, the City of Pueblo, Colorado (the "City") and the County of Boulder, Colorado ( "the County") are authorized by the County and Municipality Development Revenue Bond Act, constituting Article 3 of Title 29, Colorado Revised Statutes, as amended (the "Project Act "), to finance properties to the end that more adequate residential housing facilities for low and middle income families and persons may be provided; and WHEREAS, the City has been awarded $2,525,250 (the "1994 Allocation ") of the bond ceiling for the State of Colorado and its issuing authorities (the "State Ceiling ") pursuant to the Colorado Private Activity Bond Ceiling Allocation Act, constituting Part 17 of Article 32 of Title 4, Colorado Revised Statutes, (the "Allocation Act ") for use in the issuance of private activity bonds to finance projects under the Project Act among issuing authorities of the State of Colorado; and WHEREAS, the Allocation Act provides for the assignment of bond allocations between issuing authorities of the State of Colorado; and WHEREAS, the City desires to assign and transfer to the County its 1994 Allocation, which the City has committed and reserved for the issuance of such private activity bonds, to finance mortgage loans to provide more adequate residential housing facilities for low and middle income families and persons within the County of Boulder, Colorado, within the City of Pueblo, Colorado, and elsewhere in the State of Colorado; and WHEREAS, it is necessary to evidence such assignment and transfer and the acceptance thereof by the Assignment presented at this meeting (the "Assignment ") which will be executed and delivered by the City and the County. NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF PUEBLO, COLORADO that: SECTION 1: The forms, terms and provisions of the Assignment hereby are approved and the officers of the City are hereby authorized and directed to execute and deliver the Assignment. SECTION 2: The officers of the City are hereby authorized and directed to take such other steps or actions as may be required to carry out the terms and intent of this resolution and the Assignment. SECTION 3: Nothing contained in this resolution or in the Assignment shall obligate the City, except to the extent described in the Assignment, nor constitute the debt or indebtedness of the City, within the meaning of the Constitution or statutes of the State or the home rule charter of any political subdivision thereof, nor give rise to a pecuniary liability of the City or a charge against its general credit or taxing powers. SECTION 4: If any section, paragraph, clause or provision of this resolution shall for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause or provision shall not affect any of the remaining provisions of this resolution. SECTION 5: All action (not inconsistent with the provisions of this resolution) heretofore taken by the officers of the City directed toward the authorization of the Assignment is hereby ratified, approved, and confirmed. SECTION 6: This resolution shall be in full force and effect upon its passage and approval. INTRODUCED September 12 , 1994 BY: FAY KASTELIC Councilperson APPROVED: nttla-a sid nt of the Council 7 SENT BY:KUTAK ROCK- DENVER ; 2- 9 -96 ; 9 :18AM ; KUTAK ROCK DENVER B- 3038938909;# 2/ 3 AS$1G1YMBNT THIS ASSIGNMENT (the "Ass' nment ") dated this fa day of 1994 is between THE CITY OF PUEBLO, COLORADO, a body corpo and politic (the "Assignor "), and BOULDER COUNTY, . COLORADO, a body corporate and politic (the 'Assignee "). RECITALS: WHEREAS, the Assignor has been awarded $2,525,250 (the '1994 Allocation ") of the bond ceiling for the State of Colorado: and its issuing authorities (the "State Ceiling ") computed. under Section 146(d) of the %ternal Revenue Code of 1986, as, amended (the "Code "), and under the Colorado Private Activity Bond Ceiling Allocation Act, constituting Part 17 of Article 32 of Tale 24, Colorado Revised Statutes, as amended (the "Allocation Act "), for use in the issuatke of private activity bonds; and WHEREAS, subject to the terms and conditions set forth herein, the Assignor desires to assign and transfer to the Assignee, and the assignee . desires to accept, the Assignor's 1994 Allocation, which the Assignor has committed and reserved for the issuance of such private activity bonds; and WHEREAS, the private activity bands will be issued by the Assignee pursuant to the County and Municipality Development Revenue Bond Act, constituting Article 3 of Title 29, Colorado Revised Statues, as amended (the 'Act'), and such bonds will be used for a purpose which qualifies as a "project" as described in the Act. ASSIGNMENT In exchange for the agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby aclamowledged, the part= hereto agree as follows: 1, In erica with action taken by governing body of the Assignor on Z 1994, the Assignor hereby assigns and transfers to the Assignee, the sstg is 1994 Allocation from the State Cdfln& for private activity bonds in an : amount equal to $2,525,250 (the "Assigned Amount *). In addition, the Assignor hereby consents to the election by the Assignee, if the Assignee in its discretion so decides, to , treat the Assigned Amount as an allocation for a project with a c ry - forward purpose and/or make a mortgage credit certification election, thus avoiding reversion of the Assigned Amount to the statewide - balance under the Allocation Act. 2. The Assignor represents that it has received no monetary consideration for the assignment set forth above. 3. The Assignee hereby: (a) Accepts the assignment of the Assignor's 1994 Allocation from the State Ceiling described above; and; (b) Agrees to abide by each of the terms and conditions of this Assignment in connection with the use of thi Assignor's 1994 Allocation. SINE BY : KLlTAK ROCK - DENVER 2- 9 -96 ; 9: 19M KUTAK ROCK DENVER B_+ 3038S389094 3/ 3 IN VATNFSS VVfI1 MF the A&dMr aid the Assignee have caused thin instrument to be executed to be effective as of the date and yjar first written above. CITY OF PUEBLO, COLORADO, as Assignor BY r� Its �� /D eh TlYF��o /� (SEAT.) ATTEST: Its C44ZA R (SEAL) ATTEST: BOULDER COUNTY, COLORADO, as Assignee BY D,7� Its C a, ln Its , 6 atex-k .